Chow Tai Fook Enterprises, the private equity arm of Hong Kong tycoon Henry Cheng Kar-shun, is exploring a partial sale of assets within Rosewood Hotel Group. Representatives for the family have approached potential buyers to gauge interest, though discussions remain at an early stage and terms are still fluid.
The move may reflect broader liquidity considerations tied to the family’s business empire, including New World Development Company, Bloomberg reported. Rosewood Hotel Group, managed by Cheng’s daughter Sonia Cheng Chi-man, oversees a growing global portfolio of high-end hospitality brands.
Since acquiring the business’s predecessor in 2015, the family has expanded the platform to include luxury hotels, resorts, and residences under the Rosewood Hotels & Resorts, New World Hotels & Resorts, Carlyle & Co., and Asaya banners. The group currently operates 58 properties worldwide.
The company’s flagship location overlooking Hong Kong harbor garnered the top spot in the World’s 50 Best Hotels rankings this year. It was valued at HK$15.9 billion, according to a deck seen by Bloomberg for a debt swap plan proposed by New World.
Headquartered in Hong Kong, Chow Tai Fook Enterprises has investments across real estate, infrastructure and hospitality. It serves as the controlling shareholder of New World Development, one of Hong Kong’s major listed property developers
In its latest attempt to improve liquidity, New World announced plans to issue up to $1.9 billion of new debt in an exchange offer that includes haircuts for bondholders of as much as 50%. The company’s net debt reached 98% of shareholder equity at the end of June, according to Bloomberg Intelligence.
Attempted divestments of the family’s other assets have been halting. In August, the family’s infrastructure arm CTF Services Ltd. decided to pause the sale of a collection of roads worth $2 billion in China. The clan is also trying to sell its high profile 11 Skies shopping mall near the Hong Kong Intl Airport.
In late September, New World raised a HK$3.95 billion bank loan secured by its crown jewel asset Victoria Dockside, 75% less than the upper end of its original target. It also posted a second straight year of losses of HK$16.3 billion from continuing operations.
Rosewood Hong Kong
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